Hedge funds increased their short positions on Brent crude oil by a large margin, which reached a record high since October last year. As market expectations for OPEC+ production increases heat up, bear bets continue to accumulate. According to data from the Intercontinental Exchange European Futures, in the week ending May 27, fund managers increased their short bets on Brent crude by 16,922 lots to 130,019 lots, the highest in eight months. Meanwhile, data from the US Commodity Futures Trading Commission showed that bets on pure WTI crude oil rose to a three-week high. Oil prices fell this week as the prospect of another sharp increase in OPEC+ production raised concerns about oversupply. A Saudi-led team will meet on Saturday to determine production levels for July. Earlier, the team had preliminary negotiations to increase supply for the third time in a row. To make matters worse, investors assessed some optimistic signals sent by Washington regarding the US-Iran nuclear deal. Relaxation of sanctions against OPEC member states will increase supply and thus weigh on oil prices.

Hedge funds increased their short positions on Brent crude oil by a large margin, which reached a record high since October last year. As market expectations for OPEC+ production increases heat up, bear bets continue to accumulate. According to data from the Intercontinental Exchange European Futures, in the week ending May 27, fund managers increased their short bets on Brent crude by 16,922 lots to 130,019 lots, the highest in eight months. Meanwhile, data from the US Commodity Futures Trading Commission showed that bets on pure WTI crude oil rose to a three-week high. Oil prices fell this week as the prospect of another sharp increase in OPEC+ production raised concerns about oversupply. A Saudi-led team will meet on Saturday to determine production levels for July. Earlier, the team had preliminary negotiations to increase supply for the third time in a row. To make matters worse, investors assessed some optimistic signals sent by Washington regarding the US-Iran nuclear deal. Relaxation of sanctions against OPEC member states will increase supply and thus weigh on oil prices.